衍生工具、公司風(fēng)險與公司價值——基于我國上市公司面板數(shù)據(jù)的實證研究.pdf

1、(髦S8S托湃)厘影朝曾工雨觀甘珊釁顯瞽鴦800E。L00Z；翠串睡影坐丁卑捌顴般揖承一牢抖琶抱丑近。琶抱丑運朝蛐豬哥劬陛好瞠鍘W睡影韃曾工韋必目娶耶影國鏨扯智章抖少鯉W茸章‘丁Z腿髯研翠。荔骨嘭可上岜聚覃斜與淋酶明曾工雨必目覡哩孑卑丁掣國普并耳環(huán)影國鏨牲箕‘蟬髟辮羽國鈿上岜瑯顴戥茸鴛朝曾工甭鮑牲‘掣貅瞠淋磁明目覡曾工甭蟛柱弓』娶例坳并。剿回撣茸』身冪琶抱丑運q彭掣國朝蛐繕朝日蜆色影與列W叵影韃曾工雨觀目秘嚇影牲‘腳刨‘釀釁醢昌到W明環(huán)

2、影與首工韋觀礁弓上蟬髟華具茸硯章‘丁Z啦霉朝蟬茸￥胖將掣國圜暈駢堡弓翠。延抱娶運與硯醯上岜狹蛐豬明日劬睡影瞠鍘W陛影牲曾工韋觀茸娶匹影卑丁國獯韃茸章‘iZ軎鼎鄧翠。剔誨朝蕊昌鍘W茸』塞謄‘群皇朝翠勤￥酵』恤印曾工雨觀謹(jǐn)孑頸群隆影卑丁瞽茸耳不影國狂半鴦娶吾可‘半審出現(xiàn)明曾工韋觀瞳與誓W霉群半砰毋環(huán)影國鏨。華鴉磚巢叼，輯朝￥氍并』驊象‘鍘W捌等瞠不鯉收牲咄醯昌半曾工雨觀目珊環(huán)移氍ooS哲科朝％176‘曾工益重朝醯舄鍘W叵影槧勘曾工甭觀。攀鐾

3、謠釁瞻明鍘瓤上雨采不影勘珥‘睡聯(lián)遴舊明壺可瞠壺勝、斟蜆智型敬弓嬖到蚤麟草地耍鼉明普醵群塹隍好卑丁國槧士霉——哥蚴哩妤與鍘兇哩玨～曾工甭鮑毋協(xié)p導(dǎo)!l列Wp好、琶上雨聰藁硬珊殺：F避嘉Y掣1Il蟾一’／／／’浙江工商人學(xué)碩上學(xué)位論文衍生T具、公jII[1l[1[[IIlllIIllIIIY1862623DEIU、硝口IVES，F(xiàn)IlUⅥRISKANDFIIU汀VALUEANEMPIlUCALSTUDYONTHEPANELDATAOFCHI

4、NALISTEDCoM蛋!f氣NIESABSTRACTWiththedrasticallyfluctuatingoftheglobalcommodityprices，interestratesandexchangerates，itbroughthedgingmotivationanddemandforenterprisesAsanimportanttoolofthecorporateriskmanagement，derivativesa

5、reusedtomanageandhedgebusinessandfinancialriskIt’Swidelyusedby94percentsoftheworld500strongestenterprises，thusformitsformidablecorecompetitiveabilityMoreandmoreofourenterprisesparticipateintheusageofthederivativesHowever

6、ourenterprises，especiallythelistedcompanieswhichinvestedinthederivatives，appearedtohaveagreatlossrecentlyAnditrevealstheimperfectionofderivativeusageforriskmanagementInthisbackground，thispaperresearchedthetheoriesanddemo

7、nstrationsabouttheinfluencesofderivativesusageonfirmriskandfirmvalueforChinalistedcompaniesOnthebaseofstudytherelevantliteraturehomeandabroad，firstofall，thispaperanalyzedthetheoriesaboutfinancialderivativesandcorporateri